AAA building and Manatee Avenue retail plaza will undergo renovations for new MAXhealth facilities in Sarasota, Bradenton
Sarasota, Fla. (December 22, 2020) – SVN Commercial Advisory Group has managed two deals totaling nearly $6.9 million for Sarasota-based buyer Zinnia Center. Senior Advisor Tony Veldkamp, CCIM, and Advisor Matt Fenske completed the deals that include a former auto club headquarters and a retail plaza – properties that will both undergo renovations for medical office space.
The former AAA Sarasota building, a two-story, freestanding office structure at 3844 Bee Ridge Road, sold for more than $3.4 million. It contains 22,686 square feet. The buyer will convert the first floor to operate a MAXhealth center, with professional office space occupying the second floor. MAXhealth is a multi-specialty medical group with 15+ locations along the Florida West Coast.
“This is an iconic building that’s had the same owner since 1981,” Veldkamp said. “The client already owns the condo office building next door and needed more medical office space on the Bee Ridge corridor. We had identified the AAA building in mid-2019 as a building of interest because we knew it was being underutilized.”
The deal closed Dec. 15 after many months of negotiation with the sellers.
The closing came less than a week after that of another deal Veldkamp and Fenske had managed: a retail plaza at 7441 Manatee Avenue West in Bradenton, Fla. This property will also contain a MAXhealth medical office. The plaza, which sold for over $3.4 million, contains 39,500 square feet and is currently more than 80-percent vacant.
“This property was being marketed for lease, but based on our due diligence and knowledge of that area, we knew there was an opportunity for our client to make an offer.” Veldkamp said. “We were then able to help successfully manage the transaction.”
The medical office will occupy 4,000 to 5,000 square feet in the plaza. In addition, another new medical tenant will occupy another 5,000 to 6,000 square feet.
The plaza has had challenges attracting retail tenants because the anchor store scheduled to move in next door was a Lucky’s Market, a chain that recently filed for bankruptcy. Veldkamp and Fenske, however, are continuing their efforts to bring in tenants for the plaza’s new owner. The advisors have completed a lease for 1,840 square feet and are working on another tenant to fill more than 1,500 square feet.
“Combined with the two medical offices, that will bring occupancy up to around 53 percent,” Fenske said. “That’s a solid start as we prepare to take the remaining space to market and bring in additional tenants.”
SVN Commercial Advisory Group is a full-service commercial real estate brokerage that serves the greater Sarasota, Manatee and Charlotte counties.
About SVN Commercial Advisory Group
A full-service commercial real estate brokerage firm, SVN Commercial Advisory Group works with large corporations, middle-market businesses and individual entrepreneurial investors. The group provides advisory services for the sale, leasing and management of commercial properties. Advisors at SVN Commercial Advisory Group have deep experience working with many types of investment real estate. They serve the greater areas of Sarasota, Manatee and Charlotte counties. For more information on the SVN Commercial Advisory Group, visit suncoastsvn.com.
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